Mortgage News Home Builders Listen Up

by Cangel
(Tampa, Florida, USA)

Mortgage News! Home builders listen up! I believe that people need to spend within their means. I believe people should be living in their means. And I strongly believe that builders should build affordable housing so that people of middle class means can afford to purchase them.

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Giving a tax credit as an incentive is like giving candy to a child. It will be eaten and they will want more. And they will expect they do not have to do anything to earn it.

Giving people credit for buying houses will not guarantee that they can continue to pay the mortgage. Then they will want help with that – it is a downward economic spiral.

Instead of concentrating on giving people money to encourage them to live beyond their means, we should be requiring home builders to build nice houses for reasonable prices. That would benefit both entities. We would not have empty million dollar houses and we would have people able to purchase a modest home so that they have incentive to improve their lives.

Finally, we need to spend money to educate people on how to spend their money. We do not want to coax them into living beyond their means. We need to help them to see that they can be happy with a nice small home instead of a mansion.

And we need to educate builders that the majority of Americans are middle class and really just need comfortable home without all the frills.

Kate Answers: Mortgage News Home Builders Listen Up

Dear Cangel, I think you might get your wish. Today's economic environment is going to force home builders to re-evaluate home sales. Building lower cost housing to generate more real estate sales will become necessary to survive the housing and home loan crisis so apparent in the current mortgage news.

Sincerely,

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P.S. Go to my Best Mortgage Rate Blog, an entertaining source of mortgage information. Subscribe now to the RSS feed.

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